Loans

Kriss Capital Provides $32M Construction Loan for Multifamily Conversion Project in Farmington, Connecticut

by Taylor Williams October 15, 2021

FARMINGTON, CONN. — Kriss Capital, a New York-based bridge lender, has provided a $32 million construction loan for a project that will convert a vacant hotel in the Hartford suburb of Farmington into a multifamily complex. The redevelopment of the 381-room Hartford Marriott Farmington Hotel will add 225 market-rate apartments to the local supply. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include multiple pools, a fitness center, coworking space and outdoor dining areas. Kriss Capital provided the two-year, floating-rate loan to the borrower and developer, an affiliate of New Jersey-based CSRE Group. The project will be completed in phases, with leasing for the first phase beginning in 2022. The entire project is slated for completion in 2023.

October 15, 2021

Development Florida Loans Multifamily Southeast

Trez Capital Provides $78.2M Construction Financing for Apartment Project in Miami

by Julia Sanders October 14, 2021

MIAMI — Trez Capital has provided a $78.2 million construction loan for The Julia, a 323-unit apartment building in Miami’s Allapattah neighborhood, just northwest of downtown Miami. Ben Jacobson of Trez Capital originated the non-recourse loan. Charles Foschini and Chris Apone of Berkadia secured the financing on behalf of the borrower. The financing is a 36-month loan, with a one 12-month extension option. Neology Life, a Miami-based development company, led by Lissette Calderon, is the borrower and developer. Construction has already begun, and the project is slated for completion by the middle of 2023. The development cost is $100 million, according to Neology Life Development Group. Located at 1625 NW 20th St., The Julia will feature a mix of one- and two-bedroom units ranging in size from 586 square feet to 892 square feet. Community amenities will include a pool with cabanas, rooftop garden, fitness and wellness center, coffee bar, dog park and virtual concierge. The Julia was named after Julia Tuttle, the founder of Miami. JAXI Builders Inc. is the general contractor for The Julia, while Behar Font Architects is the architect. Witkin Hultz Design is the landscape architect, and designBAR is in charge of interior design. Neology Life …

October 14, 2021

District of Columbia Loans Multifamily Southeast

FHFA Raises Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac to $78B in 2022

by Julia Sanders October 14, 2021

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac to be $78 billion for each agency for a combined total of $156 billion. The 2022 caps are based on FHFA’s projections of the overall growth of the multifamily originations market. This year the caps are set at $70 billion a piece for both Fannie Mae and Freddie Mac. The FHFA wants the agencies to keep their focus on providing liquidity for affordable housing and underserved markets. Just like this year, the organization is requiring that at least 50 percent of Fannie Mae’s and Freddie Mac’s multifamily business in 2022 to be mission-driven affordable housing, or for units affordable to residents earning 80 percent of area median income (AMI). However, at least 25 percent of the agencies’ multifamily business is required to be affordable to residents at or below 60 percent of AMI, up from the 20 percent required this year. Additionally, the FHFA is expanding certain definitions of what it determines as “mission-driven affordable housing.” Starting next year, the FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or …

October 14, 2021

Loans Multifamily Texas

Greysteel Arranges Loan for Refinancing of 240-Unit Multifamily Asset in Fort Worth

by Taylor Williams October 14, 2021

FORT WORTH, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of Longhorn Crossing Apartments, a 240-unit multifamily asset in Fort Worth. Built in 2016, the garden-style property offers one-, two- and three-bedroom units and amenities such as a fitness center, pool and a business center. Fisher Wells of Greysteel arranged the nonrecourse loan, which carried a five-year term and a floating interest rate. The borrower was an undisclosed 1031 exchange investor.

October 14, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $35.4M HUD-Insured Loan for Refinancing of Michigan Apartment Complex

by Kristin Harlow October 14, 2021

TROY, MICH. — Dwight Capital has provided a $35.4 million HUD-insured loan for the refinancing of The Gables of Troy, a 544-unit apartment complex in Troy. The property is comprised of 42 three-story buildings and a clubhouse. Amenities include a dog park, media room, fitness room, racquetball area and two outdoor pools. The 223(a)(7) loan benefits from a Green Mortgage Insurance Premium (MIP) set at 25 basis points because the property qualifies as green and energy efficient. Karnveer Bal of Dwight originated the loan.

October 14, 2021

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $18.7M in Financing for Affordable Housing Project in Cohoes, New York

by Taylor Williams October 14, 2021

COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.

October 14, 2021

Development Georgia Loans Mixed-Use Southeast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders October 13, 2021

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

October 13, 2021

Acquisitions Colorado Loans Multifamily Western

KeyBank Provides $40M in Acquisition Financing for Enchanted Springs Apartments in Colorado Springs

by Amy Works October 13, 2021

COLORADO SPRINGS, COLO. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for Hamilton Zanze, a San Francisco-based real estate investment company, for the acquisition of Enchanted Springs, an apartment property in Colorado Springs. Built in 2020, Enchanted Springs features 200 one-, two- and three-bedroom apartments spread across 10 three-story residential buildings. Community amenities include a pool, hot tub, sundeck, cabanas, grilling areas, fitness center and clubhouse lounge. Paul Angle and Nicholas Lynn of KeyBank Real Estate Capital structured the financing. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.

October 13, 2021

Hospitality Loans Midwest Minnesota

D2 Capital Advisors Arranges $48.6M Construction Loan for Minneapolis Hotel Project

by Kristin Harlow October 13, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged a $48.6 million loan for the construction of a 123-room, luxury boutique hotel in the North Loop District of Minneapolis. Commutator LLC is the developer of the project, which will be located at 125 N. 1st St. The 133,000-square-foot hotel will feature a rooftop bar, cellar bar, retail space, meeting space and a restaurant. Snow Kreilich Architects is the project architect, Neri & Hu is designing the interiors and Greiner Construction is the general contractor. Construction is scheduled to begin this month with completion slated for the first quarter of 2023. Jack Cortese and David Frankel of D2 arranged the loan with a Seattle-based REIT.

October 13, 2021

Florida Loans Multifamily Southeast

JLL Secures $53M in Acquisition Financing for Apartment Community in Metro Tampa

by Julia Sanders October 12, 2021

LITHIA, FLA. — JLL Capital Markets has secured $53 million in acquisition financing for Circa at FishHawk Ranch, a 260-unit, garden-style multifamily community in Lithia, about 24.9 miles from Tampa. Elliott Throne, Brian Gaswirth, Jesse Wright and Kenny Cutler of JLL represented the New York-based borrower, GMF Capital, to secure the three-year, floating-rate loan through New York-based Sound Point Capital Management LP. Circa at FishHawk Ranch includes studio, one-, two- and three-bedroom units averaging 1,045 square feet. Built in 2015, the property spans four stories with the units featuring dishwashers, fireplaces and electronic thermostats. Community amenities include a fitness center, pool with cabanas, clubhouse, courtyard, pet play area, picnic area, business center, bike storage and conference rooms. The property also offers trash pickup services and onsite maintenance. Located at 13930 Spector Road, the property is close to several retailers such as Publix at Alafia Commons, Fishhawk Bagels, FishHawk Sporting Goods and Payaathai Cuisine. Circa at FishHawk Ranch offers connectivity near Fishhawk Boulevard, Lithia Pinecrest Road, Highway 301 and Interstate 75. Jared Frydman and Alejandro Ramirez led the GMF Capital team internally. Jordan Heller of South Point originated the loan.

October 12, 2021

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